May 19, 2020

Armada Hoffler Properties Provides Update on Monthly Rent Collections

May Rent Collections Ahead of April’s Pace

VIRGINIA BEACH, Va., May 19, 2020 (GLOBE NEWSWIRE) — Armada Hoffler Properties, Inc. (NYSE: AHH) today provided an update on April and May rent collections.

As of May 15, the Company had collected 78% of total portfolio rents due for the month of May, which is ahead of the Company’s April collection rate at the same point last month. To date, the Company has collected 82% of April monthly rents across its operating property portfolio.

April and May rent collections by tenant type and in the aggregate across the Company’s entire portfolio are presented in the table below:

Rent Collected as a % of Monthly Billings(1)
Tenant Type(2) April 2020 May 2020
Office 100% 99%
Multifamily 97% 95%
Retail 64% 59%
Portfolio 82% 78%
(1) As of May 15, 2020.
(2) May differ from financial reporting segment groupings for tenants in mixed-use properties.

 

“The strength and resiliency of our diversified portfolio are evident in our rent collections for April and May,” said Louis Haddad, President and Chief Executive Officer. “Collections for May are ahead of where we were at this time last month and with the Mid-Atlantic and Southeastern U.S. states beginning to reopen, we are cautiously optimistic that we’ll not only maintain this positive momentum through the end of the month, but also carry it into June. We look forward to what we hope is the beginning of a broader economic recovery.”

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UPDATE AS OF June 1, 2020: At Armada Hoffler, our goal remains the safety and well-being of our employees, their families and all of our stakeholder groups.  In response to the ongoing COVID-19 pandemic, our offices have pivoted to a phased-in approach consisting of remote work and in office work. We are working every day to remain consistent with guidelines and protocol issued by the state authorities. Implementation of contingency plans for unseen circumstances such as this, allow our employees to conduct business as usual, regardless of office location. We are committed to providing the same support to our partners and tenants as well as continued communication for our investors. We have always been dedicated to the communities around us and devoted to do our part to keep them safe. We will continue to monitor the situation as it progresses and provide updates as needed.